Archives For Income/Asset

Ataollah Aminpour aka John Aminpour, aka Johnny Aminpour, the former chief marketing officer at Mirae Bank, 57, Beverly Hills, California was indicted by a federal grand jury on eight counts of bank fraud and making false statements in connection with allegations that he was responsible for the bank issuing $150 million in fraudulent loans – loans that caused the bank to suffer $33 million in losses and were “a significant factor in Mirae Bank’s failure as a financial institution in 2009.”

According to the indictment, Aminpour held himself out as a successful businessman who could help people obtain financing for gas station and car wash businesses with little or no down payment. In some cases, Aminpour personally identified businesses to be purchased and negotiated a sale price, but he allegedly overstated the actual purchase price to buyers. For these buyers and others whom Aminpour introduced to Mirae Bank, the indictment alleges that Aminpour oversaw the loan process and provided loan officers with information and documentation that contained false facts and figures, including the actual purchase price of the business and the source of the down payment. As a result, Mirae Bank funded inflated loans, with excess funds secretly going to Aminpour, borrowers and/or “hard money lenders” who had surreptitiously provided funds used to make down payments. Continue Reading…

Edgar A. Reyes-Colón and Francisco Quintero-Peña were indicted on charges of with making false statements in loan applications in scheme to obtain money from mortgage lending institutions.. The investigation revealed that as part of the scheme and artifice to defraud, the defendants, through straw buyers, purchased a property by obtaining mortgage loans from a federally insured financial institution in amounts substantially exceeding the selling price of the property. The excess amount of the loan was kicked back to the defendants, and then they would default on payment of the monthly mortgage premiums. In order to ensure the approval of the loan, the participants created and submitted false supporting documentation along with the loan application including  financial statements, bank statements, employment verification letters and tax returns. Continue Reading…

Paul Watterson, 55, Mountainside, New Jersey, was sentenced to 15 months in prison for his role in a multi-million dollar mortgage fraud scheme that used phony documents and straw buyers to make illegal profits on over-developed condominiums in the Wildwood, New Jersey, area.  Watterson previously pleaded guilty to an information charging him with one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering.

According to documents filed in this case and statements made in court: Continue Reading…

Gabriela Tigges, 60, Martinez, California, was sentenced to 12 months and one day in prison, and ordered to pay a $20,000 fine and $208,186.78 in restitution, for her involvement in a bank fraud scheme related to a fraudulent mortgage loan application and a fraudulent mortgage loan modification application, 

Tigges pleaded guilty on October 1, 2015, to two counts of bank fraud.  According to the plea agreement, Tigges admitted she caused a client to submit a fraudulent mortgage loan application to World Savings Bank in approximately October 2005.  She also admitted submitting a fraudulent mortgage loan modification.  Tigges’ conduct eventually cost the bank $208,186.78 Continue Reading…

Ryan Costo, 40, Roseville, California, was sentenced to four years and three months in prison for bank fraud in a scheme to defraud lenders.

According to court documents, Costo overstated his income and financial assets in connection with a $1.35 million loan from Bank of America related to the acquisition of a classic aircraft. Costo not only made false statements about his income and various bank and stock account balances on the loan application, but also caused various false and fraudulent account statements and tax returns to be given to the Bank of America in order to procure the loan. Costo made various false representations and submitted false documents to obtain three other loans: a $1.95 million loan from CitiMortgage Inc. related to a Granite Bay, California residence; a $3 million loan from Washington Mutual Bank, now Chase, related to another Granite Bay, California residence, and a $267,000 loan from San Diego Private Bank. Costo pleaded guilty to bank fraud on October 3, 2013.

United States District Judge Morrison C. England Jr. sentenced Costo.  The case was the product of an investigation by the Federal Bureau of Investigation. Assistant United States Attorney Shelley D. Weger prosecuted the case.

Edward Khalfin, 58, San Mateo, California was found guilty by a federal jury of 12 counts of mail fraud and 11 counts of making false statements on loan applications. Robin Dimiceli, 53, Brentwood, California was found guilty by a federal jury of six counts of mail fraud and six counts of making false statements on loan applications.  The convictions arise out of a builder bailout scheme that provided financial incentives to straw buyers to get them to purchase homes that developers were having difficulty selling

According to court documents, from August 2006 through May 2008, two brothers, Volodymyr Dubinsky, 56, formerly of Folsom, California, and Leonid Doubinski, 50, formerly of Copperopolis, California, built, developed, and sold real estate in Carmichael, California, Sacramento, California, and Copperopolis, California. As the real estate market declined, the brothers recruited family members, employees, and associates with good credit to act as straw buyers for residential properties. The Dubinsky brothers have not been apprehended and are fugitives thought to be residing in Ukraine. Continue Reading…

Michael David Scott, real estate developer, 51, Mansfield, Massachusetts, was sentenced to 135 months in prison, five years of supervised release, and ordered to pay restitution of over $11,374,201and to forfeit $7,413,712.  In June 2015, Scott pleaded guilty to counts of 32 counts of wire fraud, 14 counts of bank fraud, and 22 counts of money laundering. Continue Reading…

Alberic Okou Agodio, 30, Bethesda, Maryland, pleaded guilty to conspiracy, wire fraud, and aggravated identity theft, arising from a mortgage fraud scheme.  He used the names of immigrants and students, along with false financial information, to obtain approximately $3.8 million in home mortgage loans.  He bought approximately three dozen row houses in Baltimore, all of which are in default or foreclosure. Continue Reading…

Stephen B. Deluca, 58, Deland, Florida, was sentenced by Senior United States District Judge John Antoon, II to six years and six months in federal prison for his role in a conspiracy to commit wire fraud and bank fraud wherein he defrauded several lenders using inflated assets to qualify for lines of credit.

Continue Reading…

Six individuals were indicted for participating in a mortgage fraud conspiracy involving alleged misrepresentations to the banks including fictitious verifications of false and fraudulent employment and bank deposit information set forth on loan applications.  Continue Reading…